Japan Exports and Imports Surge on Chips and Oil Costs
Japan exports climbed to a record high driven by strong semiconductor demand and a weaker yen. Meanwhile, imports hit a monthly record as elevated oil prices increased energy costs.
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Japan imports grew 27.8% to 12.1 trillion yen ($76.39 billion) in July, driven by elevated energy costs and a weaker USD/JPY. The surge pushed imports to a monthly record for the second consecutive year, exceeding market forecasts of 26.5%. Persistent wholesale inflation and resilient overseas shipments are reinforcing expectations for monetary normalisation by the central bank.
